Question

According to Profit and Loss Account, the net profit for the year is ₹4,20,000. Salary of a partner is ₹5,000 per month and the commission of another partner is ₹10,000. The interest on drawings of partners is ₹4,000. The net profit as per Profit and Loss Appropriation Account will be :​

Answer 1

Answer:

3,56,000

Explanation:>salary(per month)=5,000*12=60,000+10,000=70,000-4000

                                                                        =66,000

                                                             4,20,000-66,000=3,56,000

                                                       

                                   

                                                       

                                                                         

Answer 2

"354000"

Explanation:

Salary per month= 5000; per year = 5000 x 12 = 60000

Commission of partner = 10000

Interest on Drawings = 4000

Net Profit for the year = 420000

Therefore,  420000 + 4000 - 60000 + 10000 = 354000

Net Profit as per Profit and Loss Appropriation = 354000